G20 Brasil promotes a commemorative event in Washington bringing together representatives from governments and civil society to discuss the group's trajectory and future. The last Finance Track meetings take place in parallel with the IMF and World Bank Annual Meetings.
A side event to the last Finance Track meetings at the G20 Brasil celebrated the 25th anniversary of the Group of 20 in Washington, United States. Held by the Ministry of Finance of Brasil in partnership with the Open Society Foundations, the event brought together representatives of civil society, governments, and international organizations to discuss the trajectory of the forum and the experience of Brasil's presidency. The last Finance Track meetings take place in parallel with the IMF and World Bank Annual Meetings.
"Dialogue with civil society is very important for us. We have learned a lot, and we still have a lot to learn. We hope that this process will continue in the presidencies of South Africa and the USA," said Antônio Freitas, Undersecretary for International Finance Cooperation.
Queen's University Belfast professor Alfredo Saad highlighted that the history and operational structure of the G20 present several challenges, underscoring the significance of the progress Brasil has made on its prioritized themes: "There are systemic obstacles, even when individuals recognize we are at a critical moment for humanity. Brasil's G20 presidency can be proud of its advances. Brasil did a great job. The world needs unified efforts in the same direction."
Taxing billionaires
The debate was also dedicated to the Brazilian proposal to tax billionaires. "The G20 does not sign treaties, it sets agendas. The super-rich keep getting richer. We have done a lot, and there is still much to be done," pointed out Felipe Antunes, representative of the Ministry responsible for monitoring International Taxation issues at the G20.
"Brasil has shown that it is possible to revitalize the G20. I want to congratulate the presidency for their courage and persistence. This is a topic that will be impossible to forget," said Jayati Ghosh, professor of Economics at the University of Massachusetts Amherst.
"That is a great success. The G20 started from scratch, and a declaration was reached within a year. Civil society needs to be radical so that policymakers can deliver something," added Tommaso Faccio from the Independent Commission for the Reform of International Corporate Taxation (ICRICT).
Required advancements
Thinking about the next steps about the topic, Laura Carvalho, from Open Society, supported the need to seek all possible paths: "The processes at the UN [United Nations] and the Organization for Economic Co-operation and Development (OECD) can be seen as complementary. In addition, domestic tax agendas need to move forward. This generates momentum for international discussion."
Débora Freire, from the Secretariat of Economic Policy of the Ministry of Finance (SPE/MF), explained that the country is already coordinating to advance on the issue. Brasil argues that the super-rich should be the topic of the second protocol for debates of the Framework Convention on Taxation. The UN is expected to decide in February whether to accept the Brazilian proposal. "That's the short-term goal we are working towards. The protocol would allow for developing a methodology to identify the super-rich across countries. If we don't have standardized information, we will make very little progress."
The third table, which focused on Brasil's position regarding sovereign debts, maintained a general tone of praise for Brasil's presidency. One of the highlights was the fact that Brasil has dedicated itself to the issue even when middle-income countries do not suffer directly from it, which affects poor countries. "Emerging markets are not at risk, so the pressure for change is lower. The courage of Brasil's presidency is evident," summarized Penelope Hawkins from UNCTAD.
